SPACE ID is a universal name service network that strives to simplify the process of creating and managing web3 identities. It provides a platform for users to discover, register, trade, and manage web3 domains. SPACE ID also provides a Web3 Name SDK & API for developers across blockchains, intending to make the integration of web3 services more streamlined and efficient. The ID token is the governance token of SPACE ID, designed to allow users to participate in the decision-making process of the project. It serves as an integral part of the SPACE ID ecosystem, incentivizing users to engage with the project and contribute to its growth.

SPACE ID operates by providing a platform for users to manage all aspects of their web3 domains in one place. Users can discover trending domain collections, register for all web3 domains on the SPACE ID Mainnet, and trade web3 domains in a marketplace specifically designed for this purpose. They can also manage the renewal, record, and ownership of all their web3 domains. The ID token, the native token of the SPACE ID ecosystem, can be staked for potential discounts in the SPACE ID Domain NFT Marketplace trading fees and Web3 domain registration discounts on SPACE ID. It can also be used as a means of payment within the SPACE ID ecosystem and for Web3 Name SDK Integration. Furthermore, ID token holders can participate and vote on SPACE ID DAO proposals.

SPACE ID strives to provide a universal name service network for everyone to easily build and create a web3 identity. It can be used by individuals and businesses to manage their digital identities in the web3 space. Developers can also leverage the Web3 Name SDK & API provided by SPACE ID to integrate web3 services into their applications. The ID token can be used for staking, payments within the SPACE ID ecosystem, and participating in governance decisions. SPACE ID also provides a marketplace specifically designed for trading web3 domains.

SPACE ID was launched with the mission to build a universal name service network and a platform for web3 domains. It introduced the .bnb Name Service on BNB Chain and built a community of 168K unique domain holders within 6 months. The SPACE ID 2.0 version provided a platform to discover, register, trade, and manage web3 domains. With the launch of the ID token, SPACE ID aimed to contribute to the Web3 industry by providing users with a platform for managing their digital identities. The ID token was launched in March 2023.